CDCLI’s Voucher Homeownership Program enables existing Housing Choice Voucher participants to accomplish healthy and sustainable homeownership through subsidies and creative financing.
Families that are currently participating in the Housing Choice Voucher Program administered by CDCLI and other housing authorities in Nassau and Suffolk Counties are eligible. Each household is evaluated in accordance with their income so that a maximum of 30% of their monthly gross income goes toward payment of principal, interest, taxes, and insurance payments (PITI). They obtain a mortgage for an amount they can afford through a conventional or FHA-insured lender. The difference between the conventional mortgage amount that the applicant can afford and the purchase price of the home, less the down payment, determines the amount of a second mortgage provided by CDCLI’s affiliated Community Development Financial Institution (CDFI).
Learn about the requirements and benefits of the program, and how CDCLI can help you use your Housing Choice Voucher to accomplish homeownership.
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